Cincinnati City v. Morgan
Supreme Court of the United States
By an act passed by the legislature of Ohio, 20th March, 1850, the city of Cincinnati was authorized to issue its bonds to the amount of $1,000,000, to be lent to the building of railroads terminating in the city, or to be subscribed to their capital stock, on a vote of the qualified voters of the city, and of the City Council. The Ohio and Mississippi was one of these roads.
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By an act passed by the legislature of Ohio, 20th March, 1850, the city of Cincinnati was authorized to issue its bonds to the amount of $1,000,000, to be lent to the building of railroads terminating in the city, or to be subscribed to their capital stock, on a vote of the qualified voters of the city, and of the City Council. The Ohio and Mississippi was one of these roads. A vote was obtained in favor of this railroad company, agreeing to the issue of bonds to the amount of $600,000 of the city, to be secured by a mortgage upon such property of the company as the City Council should…
1Opinion of the CourtJustice Nelson
There is no doubt but that every part of this transaction was within the competency of the City Council on the one side, and the railroad company on the other, as derived from the act of the legislature of Ohio, already referred to, of the 20th March, 1850, and was valid and binding upon both the parties. The seventh section of this act confers the authority in express terms. The City Council is authorized tc contract with the railroad company, to secure, by mortgages, transfers, or hypothecations of their stock, or by such othei liens or securities, real or personal, as may be mutually…
2Cited by3 opinions
- Crampton v. ZabriskieSupreme Court of the United States · 1880
- State ex rel. Hudd v. TimmeWisconsin Supreme Court · 1882
- Mercantile Trust Co. v. Baltimore & O. R.U.S. Circuit Court for the District of Maryland · 1897